Business establishment support – Business establishment in Latvia in 2020

In the first eight months of this year, business start-up activity in all regions of Latvia increased by 10% compared to the same period last year. One of the most obvious reasons for this is that commercial opportunities and existing support programs encourage investors to start a business in Latvia.
Support programs have been an important step for entrepreneurs to implement their business ideas
and increase their productivity and export capacity. In this article, we will address the existing
support programs for newly established businesses.
Initial perspective for the implementation of business ideas
Altum, the development finance institution, offers young entrepreneurs the opportunity for an initial
loan of between 2,000-150.000 euros. The loan repayment period is 10 years. In real estate
purchase, construction and renovation projects, the repayment period is up to 15 years. New
companies that do not have their own co-financing can apply for loans up to 7 thousand euros.
Entrepreneur co-financing is required up to 10% of the loan amount over 7 thousand euros. Newly
established companies and registered companies and self-employed persons up to the age of five
can apply for this support in the Enterprise register (ER).
Social entrepreneurship and regional support
Companies and other businesses in agricultural and fishing activities, located in rural areas or in cities
with a population of less than 15,000, can apply for credit up to 100,000 euros. The repayment
period of the loan is 10 years.
Acceleration funds for new companies
Altum has created three acceleration funds for owners of innovative startups and promising business
ideas. The purpose of these funds is to help support promising and high value-added projects.

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